BMO Alto Bank Review 2024
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At a glance
CDs
Savings
About Bankrate Score
Overview
BMO Alto is a new option for online-only accounts that launched in April 2023. It offers a high-yield savings account and six terms of CDs and is part of the BMO Financial Group. Customers who are looking for a competitive yield on those products will find BMO Alto to be an appealing option.
Highlights
- Top CD Rates
- No Min Balance
- 24/7 Customer Service
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
BMO Alto’s online high-yield savings account and CDs made their debut in 2023.
BMO Alto offers competitive yields and nationwide availability – even if you have a BMO branch near you. There are no monthly service fees and no minimum balance requirements, so the accounts are very accessible for all types of savers.
If you’re someone who relies on mobile check deposit, the savings account doesn’t currently offer that feature. So you’d need to deposit a check into another account and transfer that money over to your BMO Alto Online Savings Account.
Pros
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BMO Alto’s savings APY is very competitive and the account doesn’t charge any monthly fees.
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BMO Alto is available nationwide.
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Both BMO Alto’s savings account and CDs don’t require a minimum opening deposit or minimum balance.
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BMO Alto customer service is available 24/7.
Cons
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There’s no BMO Alto app available at this time.
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BMO Alto doesn’t offer mobile check deposit or a debit card.
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You won’t be able to use BMO branches with your BMO Alto accounts.
BMO Alto banking products
BMO Alto savings overview
BMO Alto doesn’t offer mobile check deposit. The savings account also doesn’t come with ATM access or a debit card at this time.
While the BMO Alto Savings Account doesn’t have a minimum opening deposit requirement, you must make a deposit within 90 days of your account opening date.
Customers can see their balances on the Alto website, but don’t currently have access to an app to manage their accounts.
Pros
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The savings yield is very competitive.
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There’s no minimum opening balance needed to get started and the account doesn’t have an ongoing minimum balance requirement either.
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There are no monthly fees.
Cons
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The BMO Alto Savings Account doesn’t currently support mobile check or in-person cash deposits.
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You won’t be able to access your money from an ATM with the BMO Alto Savings Account and there’s no branch access for Alto accounts.
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People who leave their account with a zero balance for 90 straight days will have their account closed.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
BMO AltoAPYAPYNational average APYHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Account maintenance fees | None |
| Out-of-network ATM fee | N/A |
| Excessive transaction fee | None |
Customer experience
BMO Alto offers 24/7 customer service. BMO Alto doesn’t currently have an app available for download. You also won’t be able to go into a BMO branch for withdrawals or help with your BMO Alto account. BMO Alto doesn’t offer mobile check deposit or ATM access. You’ll need to deposit a check into another account and then transfer it to BMO Alto or transfer existing funds at another bank to BMO Alto if you’re looking to move funds to your BMO Alto Savings Account.
The above images were last updated on Jan. 23, 2024.
About BMO Alto
BMO Alto launched in April 2023. BMO Alto is a trade name of BMO Bank. BMO Alto is an online bank that offers a high-yield savings account and CDs nationwide. BMO is a well-known bank that’s been around for more than 200 years.
How does BMO Alto compare to other banks?
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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